Feeds

Osborne promises to curb deficit in five years

Queen's child benefit frozen

Boost IT visibility and business value

Chancellor George Osborne's emergency Budget today promised to increase tax allowances but also increase VAT in an effort to balance the need for huge cutbacks with protecting the nascent economic recovery.

He promised decisive action to deal with the UK's record deficit, but also to protect the most vulnerable. He said choosing between growth and dealing with the deficit was false.

Osborne promised a fixed target to cut the structural deficit by 2015/2016. Borrowing will fall from over 10 per cent this year to one per cent in 2015.

He noted that one pound in four being spent was borrowed. He warned that questions over sovereign debt were currently putting the recovery at risk.

OBR forecasts of economic growth are 1.2 per cent this year, 2.3 per cent next year and 2.8 per cent in 2012. Consumer Price Inflation will be 2.7 per cent by the end of the year.

There will be no further cuts in capital spending, but projects likely to bring economic benefits will be prioritised. The government will look to sell off student loans, shares in National Air Traffic and the Tote. The Royal Mail's future will also be reviewed.

The Civil List - cash for royals - remains unchanged at £7.9m. ®

Boost IT visibility and business value

More from The Register

next story
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Feel free to BONK on the TUBE, says Transport for London
Plus: Almost NOBODY uses pay-by-bonk on buses - Visa
Amazon says Hachette should lower ebook prices, pay authors more
Oh yeah ... and a 30% cut for Amazon to seal the deal
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Backing up Big Data
Solving backup challenges and “protect everything from everywhere,” as we move into the era of big data management and the adoption of BYOD.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.